South African property prices rising

Property prices in South Africa are on the increase, offering lucrative opportunities for property investors taking a long-term view of the market.These developments are indicative of the rising popularity of South Africa for foreign buyers, attracted by appealing investment opportunities in an emerging market. Many investors are beginning to set their sights further afield than in the past, prepared to look further abroad for lucrative deals.New reports from the Global Property Guide show that South Africa has seen year-on-year house price growth of 16.74 per cent in the first quarter of 2007, having risen steadily for seven years and reaching a peak at 30 per cent in 2004, Homesgofast.com reports.Similar positive growth has been evidenced in Australia which underwent something of a slowdown from 2004 to 2006. Year-on-year house prices were up by almost eight per cent in the first quarter of 2007 up from four per cent during the same period in 2006.Conversely, prices have seen a steady slowing in the US.Fractional ownership schemes in South Africa have made luxury housing available to a growing number, accoridng to Helium Report.